Saudi Public Investment Fund emerges as most valuable and second-strongest sovereign wealth fund globally

Brand Finance ranks Saudi Arabia’s Public Investment Fund as the most valuable and second-strongest sovereign wealth fund in the world. (File/AFP)
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Updated 05 June 2024
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Saudi Public Investment Fund emerges as most valuable and second-strongest sovereign wealth fund globally

  • Asset Management and Sovereign Wealth Funds 2024 report released

RIYADH: Saudi Arabia’s Public Investment Fund has topped the list of the most valuable brands among global sovereign wealth funds, according to a report by UK-based brand valuation and strategy consultancy Brand Finance.

The list includes 50 of the largest asset management companies and sovereign wealth funds in the world.

The inaugural Asset Management and Sovereign Wealth Funds 2024 report, which was released on Wednesday, was based on a survey of more than 4,400 entities around the world, including companies, individuals and media from the investment and financial sectors.

The Brand Finance report estimated the value of the PIF’s brand at $1.1 billion (more than SR4.1 billion), making it the highest among the regional and international sovereign funds included in the list.

 

 

It said the PIF emerged as the world’s second-strongest SWF brand in terms of brand strength, with a score index of 62.1 out of 100, and is “one of only three SWF brands to earn an A+ brand strength rating.”

The report added that the PIF had ambitious growth prospects in light of its targets for the year 2030, which contributed to enhancing the value of its brand, especially as it distinguished itself among other sovereign funds in its focus on investing in the local economy, unlocking the capabilities of new sectors and creating job opportunities, the Saudi Press Agency reported.

“Through this unique approach to ranking asset managers and SWF funds, Brand Finance has revealed a novel and useful new insight: actively managed asset managers tend to have higher brand value to AUM (assets under management) rations,” the report said.

“As the most active SWF by a large margin, PIF epitomizes this trend with a brand value to AUM ratio that is almost double that of its nearest SWF competitor,” it added.

 

 

The report stated that the advanced position of the fund’s brand was due to its influential economic activity and investment performance.

Those surveyed expressed a positive outlook toward the PIF’s innovative strategy and its role as a catalyst for promoting growth and development.

The report added: “Looking ahead, PIF has ambitious growth prospects, aiming to reach USD2 trillion in AUM by 2030. This ambition has also turbocharged PIF’s brand value and brand strength as it has adopted bold investment strategies that contract other SWF brands.

“PIF is also the 15th most valuable brand in a combined ranking of both asset managers and SWFs, a reflection of how PIF leadership envisions the fund as an asset manager, SWF, and a national development entity.”

The value of assets under management at the PIF has reached more than $930 billion, and the fund works to develop strategic sectors and opportunities that will contribute to shaping the future of the global economy, the SPA reported.

The fund is an active investor and a major driver of economic transformation in the Kingdom, and since 2017 it has launched 94 new companies and contributed to creating more than 644,000 job opportunities at the local level, the SPA added.

Brand Finance has been working for more than 25 years to evaluate the strength of brands and determine their financial value, and publishes more than 100 reports classifying brands in all sectors and countries.


Pakistan saw ‘sharp’ 22 percent decline in militant attacks in April, says think tank 

Updated 2 min 50 sec ago
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Pakistan saw ‘sharp’ 22 percent decline in militant attacks in April, says think tank 

  • Pakistan’s security forces have been battling twin insurgencies in Khyber Pakhtunkhwa, Balochistan provinces
  • April also marked the lowest monthly death toll among security forces since June 2024, says think tank’s report

KARACHI: Pakistan witnessed a sharp decline in militant attacks during April, an Islamabad-based think tank said in its report this week, saying that they dropped by a whopping 22 percent compared to the previous month, March. 

The Pakistan Institute for Conflict and Security Studies (PICSS), an Islamabad-based think tank, said in its monthly report that both militant attacks and resultant casualties dropped sharply compared to March. 

Pakistan’s security forces have been battling twin insurgencies in its northwestern Khyber Pakhtunkhwa (KP) and southwestern Balochistan provinces. In KP, the Pakistani Taliban frequently carry out some of the deadliest attacks against security forces while in Balochistan, Pakistani troops are battling ethnic Baloch separatists seeking independence from the state.

“The number of militant attacks fell by 22 percent— from 105 in March to 82 in April— while fatalities and injuries declined by 63 percent and 49 percent, respectively,” the PICSS said in its press release on Thursday. 

The report said Pakistani security forces killed 203 militants in various operations throughout the month. Militants formed an overwhelming majority (73 percent) of the total fatalities in April, while only four casualties were reported. Of these, two were civilians and two were security personnel, it added. 

“A total of 287 people were killed in April due to militant violence and security operations, down from 335 in March,” the think tank said. 

The report said April also marked the lowest monthly death toll among security forces since June 2024, noting that civilian deaths also dropped significantly last month. 

“PICSS attributed these improvements to proactive intelligence-led operations and enhanced border vigilance,” it said. 

The report said the most “consequential development” of the month was a two-phase military operation near the Pakistan-Afghanistan border that targeted a large group of infiltrating Pakistani Taliban militants. 

“At least 71 militants were killed— making it the biggest loss suffered by the group in a single operation to date,” the report said. 

The think tank also noted the resurgence of attacks on local peace committee members in tribal districts who have historically resisted militant infiltrations.

“The resurgence of attacks on these volunteers, particularly in the tribal districts, suggests that groups like the TTP [Tehreek-e-Taliban Pakistan] are attempting to reassert dominance by silencing local resistance structures,” it said. 

The report said mainland KP recorded 37 militant attacks in April, marginally down from 42 in March while tribal districts reported 17 attacks last month, slightly down from 18 in March. Balochistan witnessed 21 militant attacks in April, compared to 35 in March while Punjab reported three and Sindh four attacks in April. 

It said Pakistan’s capital Islamabad remained peaceful in April, with no militant attacks reported for the second consecutive month. 


Civil defense warns of heavy rains, potential flooding across Saudi Arabia

Updated 11 min 56 sec ago
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Civil defense warns of heavy rains, potential flooding across Saudi Arabia

  • Makkah and Riyadh regions forecast to have moderate to heavy rain

RIYADH: Saudi Arabia’s General Directorate of Civil Defense has warned against heavy rainfall and potential flooding in multiple regions across the Kingdom until Tuesday. 

In an advisory carried by the Saudi Press Agency, the directorate said Makkah region is expected to experience moderate to heavy rainfall, accompanied by hail and strong winds.

Moderate to heavy rain are also expected in Riyadh region, while Najran in the southwest may experience lighter rainfall.

Also expected to experience rainfall are the western regions of Madinah, Al-Baha, Asir, and Jazan; the central region of Qassim; Hail and Northern Borders in the north; and the Eastern Province region.

“Residents are advised to take necessary precautions, avoid flood-prone areas, and adhere to safety guidelines shared via various media channels,” the Civil Defense advisory said.


Israeli military strikes near Syria’s presidential palace after warning over sectarian attacks

Updated 45 min 37 sec ago
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Israeli military strikes near Syria’s presidential palace after warning over sectarian attacks

DAMASCUS, Syria: Israel’s air force struck near Syria’s presidential palace early Friday hours after warning Syrian authorities not to march toward villages inhabited by members of a minority sect in southern Syria.
The strike came after days of clashes between pro-Syrian government gunmen and fighters who belong to the Druze minority sect near the capital, Damascus. The clashes left dozens of people dead or wounded.
The Israeli army said in a statement that fighter jets struck adjacent to the area of the Palace of President Hussein Al-Sharaa in Damascus. It gave no further details.
Pro-government Syrian media outlets said the strike hit close to the People’s Palace on a hill overlooking the city.
The Druze religious sect is a minority group that began as a 10th-century offshoot of Ismailism, a branch of Shiite Islam. More than half of the roughly 1 million Druze worldwide live in Syria. Most of the other Druze live in Lebanon and Israel, including in the Golan Heights, which Israel captured from Syria in the 1967 Mideast War and annexed in 1981. In Syria, they largely live in the southern Sweida province and some suburbs of Damascus.


Cha-ching! Millions of dimes spill onto Texas highway after truck rolls

Updated 02 May 2025
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Cha-ching! Millions of dimes spill onto Texas highway after truck rolls

  • Tractor-trailer involved in the accident was loaded with 8 million ten-cent coins

ALVORD, Texas: Talk about some serious coin.
Millions of coins spilled onto a Texas highway this week after a tractor-trailer hauling $800,000 in dimes rolled over in an accident, authorities said.
The spillage led to the closure of a portion of the southbound lanes of US 287 in Alvord for about half a day as workers got on their hands and knees to pick up the coins in addition to using brooms and shovels and large industrial vacuums.
The tractor-trailer rolled onto its side at about 5:30 a.m. Tuesday after veering off the road and overcorrecting, according to the Texas Department of Public Safety. The highway reopened at about 7 p.m. that day, DPS said.

The two sides of a dime. (Wikimedia Commons)

The driver and a passenger were transported to a hospital with injuries that were not life threatening, DPS said.
Alvord is located about 80 miles (130 kilometers) northwest of Dallas.
The tractor-trailer appears to be part of the fleet of trucks operated by Western Distributing Transportation Corporation, which has a division that moves cargo for the government in armored vehicles with armed personnel. A person answering the phone at the company Thursday said they had no comment.
The US Mint says on its website that it’s the nation’s sole manufacturer of legal tender coins. A message left with the agency on Thursday was not immediately returned.


Canelo aims to land knockout blow against Scull in Saudi debut

Updated 02 May 2025
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Canelo aims to land knockout blow against Scull in Saudi debut

  • Alvarez, 34, brings a record of 62-2-2 with 39 knockouts into what promises to be a high-stakes clash

RIYADH: Mexican boxing legend Saul “Canelo” Alvarez will be looking to unify the super middleweight titles this weekend, when he squares off with IBF champion William Scull in Saudi Arabia’s Riyadh.
Alvarez, 34, brings a record of 62-2-2 with 39 knockouts into what promises to be a high-stakes clash, as he continues his tradition of fighting during the Cinco de Mayo weekend.
Canelo is coming off a punishing unanimous decision over Edgar Berlanga in Las Vegas in September.
Ahead of that bout, Alvarez was stripped of his International Boxing Federation belt when he opted to box Berlanga rather than Scull — the IBF’s mandatory challenger.
This weekend’s contest will mark the first time the Mexican champion will fight outside of North America during his nearly 20-year professional career.
The boxers are set to enter the ring in the early hours of Sunday morning in Riyadh to coincide with Saturday evening festivities over the Cinco de Mayo weekend back in North America.
“Believe me. This is nothing new for me. But for him, it’s gonna be something different, for sure,” said Alvarez during a press conference in Riyadh on Thursday.
The betting lines show that Scull remains a massive underdog going into the weekend’s fight.
With the contest flying under the radar for casual fans, many see the bout as a warm-up match ahead of a widely anticipated super fight between Alvarez and Terence Crawford later this year, which is rumored to be in the final stages of negotiations.
But all of that hinges on Canelo winning in Riyadh this weekend.
“No one could be a bigger spoiler than William Scull,” said veteran combat sports journalist Ariel Helwani during a podcast this week.
“If William Scull wins somehow, someway on Saturday night, he ruins all of those plans.”
In the lead up to the fight, Scull said he remained relaxed and confident, as he brushed away concerns that an early-morning start time could affect his performance.
“This is a fight and I’m ready to do it any time,” Scull told AFP earlier this week.
“Canelo is a great boxer. It’s a tough fight but it’s another man. I’m looking to take what is mine as well,” the undefeated 32-year-old Cuban added.
On the undercard, French super middleweight Bruno Surace will be looking to silence any remaining doubters during his rematch against Jaime Munguia, after scoring a devastating sixth-round knockout in Tijuana in December.
The win earned the Marseille native the prestigious Ring magazine’s “Upset of the Year” award.